Mergar, an on market trade is (usually) an arms length transaction between a buyer & seller on disallowed (99.9% of the transactions that you see every day).
An off market transaction is done on a white transfer form between 2 entities and is effectively a private agreement to transfer securities but it doesn't have the guarantee that the trade will be settled and the trade is not seen on the exchange. The transfer form must be endorsed by a broker and is sent to the registry to be implemented.
Hope this helps.
Pre market bids, page-4
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